Vermont Statutes
Chapter 12 - Vermont Economic Development Authority
§ 280s. Borrower obligations

§ 280s. Borrower obligations
(a) Subject to the provisions of this subchapter, governmental obligations issued by a governmental unit shall conform to the requirements of subchapter 4 of this chapter.
(b) Notwithstanding any law to the contrary, if a governmental unit has authorized a loan in accordance with this subchapter and the issuance of governmental obligations under any bond act, the governmental unit may, subject to the loan agreement and the approval of the Board, issue notes to the Authority or any other person in anticipation of the receipt of the proceeds of the loan. The issue of such notes shall be governed by the provisions of this subchapter relating to the issue of governmental obligations other than notes, to the extent applicable, provided the maturity date of such notes shall not exceed three years from the date of issue of such notes or the expected date of completion of the project financed thereby, as determined by the Board, if later. Notes issued for less than the maximum maturity date may be renewed by the issue of other notes maturing no later than the maximum maturity date.
(c) A governmental unit may issue governmental obligations to refund or pay at maturity or earlier redemption any governmental obligations outstanding under any loan agreement or to refund or pay any other debt of the governmental unit issued to finance the qualified project to which such loan agreement pertains. Governmental obligations for refunding may be issued in sufficient amounts to pay or provide for the principal of the obligations refunded, any redemption premium thereon, any interest accrued and to accrue to the date of payment of such obligations, the costs of issuance of such refunding obligations and any reserves required by the applicable loan agreement. An issue of refunding governmental obligations, the amount and dates of maturity or maturities and other details thereof, the security thereof and the rights, duties, and obligations of the governmental unit with respect thereto shall be governed by the provisions of this subchapter relating to the issue of governmental obligations other than refunding obligations as the same may be applicable.
(d) Except as otherwise provided in this subchapter, the applicable bond act, or by agreement between the Board and a governmental unit, all governmental obligations shall be general obligations of the governmental unit issuing the same for which its full faith and credit are pledged and for the payment of which all taxable property in the governmental unit shall be subject to ad valorem taxation without limitation as to rate or amount except as otherwise provided by law. (Added 1997, No. 43, § 1.)

Structure Vermont Statutes

Vermont Statutes

Title 10 - Conservation and Development

Chapter 12 - Vermont Economic Development Authority

§ 210. Statutory purposes

§ 211. Legislative findings

§ 212. Definitions

§ 213. Authority; organization

§ 214. Members; disqualification

§ 215. Manager; duties

§ 216. Authority; general powers

§ 217. Records; annual report; audit

§ 217a. Application

§ 218. Construction

§ 219. Reserve funds

§ 220. Transfer from Indemnification Fund

§ 231. Assistance to local development corporations

§ 232. Issuance of loans for speculative buildings and small business incubator facilities

§ 233. Depressed areas

§ 234. The Vermont Jobs Fund

§ 236. Taxes

§ 237. Issuing of loans for industrial park planning and development projects

§ 241. Powers of municipalities

§ 242. Financing documents

§ 243. Security documents

§ 244. Bonds

§ 245. Municipal proceedings

§ 246. Approval of Authority

§ 247. Obligations of the municipality

§ 248. Trustees and trust funds

§ 249. Remedies

§ 250. Bonds exempt from taxation

§ 251. Taxation of eligible facilities

§ 252. Bonds eligible for investment

§ 253. State projects

§ 254. State bonds

§ 261. Additional powers

§ 262. Findings

§ 263. Mortgage loan; limitations

§ 264. Accelerated repayment provisions

§ 279c. Vermont Export Finance Program

§ 280. Public financing policy

§ 280a. Eligible projects; authorized financing programs

§ 280b. The Vermont sustainable jobs strategy

§ 280d. Definitions

§ 280e. State Infrastructure Bank Program

§ 280f. Applicability of general provisions

§ 280g. State Infrastructure Bank Program; duties; powers

§ 280h. Receipt and administration of Program funds

§ 280i. Disbursement and use of funds

§ 280j. Powers and duties of the Secretary

§ 280k. Powers and duties of the Program

§ 280l. Applications for financial assistance

§ 280m. Loan and lease terms

§ 280n. Program Fund; accounts

§ 280o. Issuance of revenue bonds

§ 280p. Additional security agreements, insurance, and credit enhancements

§ 280q. Loans to qualified borrowers to finance qualified projects

§ 280r. Powers and privileges of government units

§ 280s. Borrower obligations

§ 280t. Security agreements securing borrower obligations; pledges of general revenues or project revenues

§ 280u. Guarantees; other credit enhancement

§ 280v. Termination of the Program; remaining assets and liabilities

§ 280w. Records of receipts, expenditures, and disbursements

§ 280x. Obligations; credit of the State not pledged

§ 280y. Public records

§ 280aa. Findings and purpose

§ 280bb. Vermont Entrepreneurial Lending Program

§ 280cc. Creation; purpose; definitions

§ 280dd. Loan programs administered within the Fund

§ 280ee. Broadband Expansion Loan Program

§ 280ff. Funding